ARTONI 2012 FINANCIAL STATEMENTS – 2013 OUTLOOK

During the first year of implementation, Artoni achieved important results with its 2012-2017 industrial plan since fixed costs were reduced by over 10%, while operating profit (EBITDA) was brought back to more-or-less break-even point. All this, despite the deep crisis that has been afflicting Italy’s economic system for so long and that generated a 220.6 million Euro turnover for Artoni in 2012, slightly less than in 2011.

The five-year industrial plan provides for the continuation of a sound financial standing with capital ratios under control and a steady reduction of debt.

Although the economic context of Italy and Europe will still be difficult, Artoni’s 2013 turnover should remain unchanged from 2012 but with a further improvement in margins.

A plan for upgrading the Artoni network and re-organization of the operational activities is currently under way and will achieve a reduction in variable costs, thereby improving the quality of the services provided to an even further extent.